As for security, I suspect NFT’s would be as secure as anything currently on the blockchain. No?
I would think so. I didn't mean to imply NFT's as a weak point, but blockchain technology in general as potentially less secure than people think. For example, decentralization, which is the heart and soul of blockchain tech is only a valid defense if there isn't tech to de-decentralize a network. It would be naïve to think such tech doesn't exist. The Patriot Act made such tech legal ffs.
I have not done a deep dive into the tech though, so I really don't have any of my own legitimate concerns. I have read articles that suggest it is less secure than people think. The stated secure features of the systems seem to me to be vulnerable to superpowers (governments et al). In truth all tech is insecure, at least until quantum (entangled) authentication is a fundamental part of the infrastructure, and even then, who knows?
Man, I could geek out in this for hours. You make some solid points.
I’m trying to wrap my head around how the condo I just bought (1 of 10) could be used as backing for crypto. I’m not saying this is impossible, I could absolutely see this being a part of our future economy.
Also, I believe this is where dwac will play a huge roll. For at least the past 20 years in the tech sector, the worlds brightest and best minds have been focused on getting people to click a link. Imagine the pure hell of focusing on nothing but this. Now imagine an entirely new digital world being created as an alternative to the FAANG world. I truly believe the brightest and best will flock to this new frontier reminiscent of the California gold rush. Or it could all get stifled by faggots. But my money is on it being a monumental success long term.
I’m trying to wrap my head around how the condo I just bought (1 of 10) could be used as backing for crypto. I’m not saying this is impossible, I could absolutely see this being a part of our future economy.
If your condo was tied to an NFT it would be a unique digital asset that could be traded in a market. If ownership of the condo was tied to ownership of the NFT then "selling" your condo would be as easy as trading it for whatever someone would be willing to offer in some crypto market. Like, you could trade your condo for another piece of property tied to its own NFT. You could trade it for whatever the standard intermediary is (gold or silver e.g.). You could trade it for 100 shares of General Motors (not a recommendation, just a hypothetical). Such a trade would be easy in such a market. This is the type of economy I am describing; asset backed crypto instead of faith backed crypto and a market place for the exchange of them.
In such a system I think there needs to be a standard intermediary for barter, i.e. a stable baseline, but it can't be the only possible exchange medium or we run into potential manipulation, i.e. an exploitable weakness. This larger system I am describing as a barter system eliminates one of the largest historical exploitable weaknesses; the hording of money. Hording of money was the real reason the western Roman Empire fell, i.e. it was money manipulation by the bankers. This shit has been going on, by the same group of people, for a very long time.
my money is on it being a monumental success long term.
It depends on how much of it is controlled by We The People; same with everything else.
Are you saying my collection of rare Pepe memes might be worth more than Bitcoin? Excellent!
In all seriousness, it does sound like NFT’s are the key (along with a market place). I need to do some more research on NFT’s.
As for security, I suspect NFT’s would be as secure as anything currently on the blockchain. No?
I would think so. I didn't mean to imply NFT's as a weak point, but blockchain technology in general as potentially less secure than people think. For example, decentralization, which is the heart and soul of blockchain tech is only a valid defense if there isn't tech to de-decentralize a network. It would be naïve to think such tech doesn't exist. The Patriot Act made such tech legal ffs.
I have not done a deep dive into the tech though, so I really don't have any of my own legitimate concerns. I have read articles that suggest it is less secure than people think. The stated secure features of the systems seem to me to be vulnerable to superpowers (governments et al). In truth all tech is insecure, at least until quantum (entangled) authentication is a fundamental part of the infrastructure, and even then, who knows?
Man, I could geek out in this for hours. You make some solid points.
I’m trying to wrap my head around how the condo I just bought (1 of 10) could be used as backing for crypto. I’m not saying this is impossible, I could absolutely see this being a part of our future economy.
Also, I believe this is where dwac will play a huge roll. For at least the past 20 years in the tech sector, the worlds brightest and best minds have been focused on getting people to click a link. Imagine the pure hell of focusing on nothing but this. Now imagine an entirely new digital world being created as an alternative to the FAANG world. I truly believe the brightest and best will flock to this new frontier reminiscent of the California gold rush. Or it could all get stifled by faggots. But my money is on it being a monumental success long term.
If your condo was tied to an NFT it would be a unique digital asset that could be traded in a market. If ownership of the condo was tied to ownership of the NFT then "selling" your condo would be as easy as trading it for whatever someone would be willing to offer in some crypto market. Like, you could trade your condo for another piece of property tied to its own NFT. You could trade it for whatever the standard intermediary is (gold or silver e.g.). You could trade it for 100 shares of General Motors (not a recommendation, just a hypothetical). Such a trade would be easy in such a market. This is the type of economy I am describing; asset backed crypto instead of faith backed crypto and a market place for the exchange of them.
In such a system I think there needs to be a standard intermediary for barter, i.e. a stable baseline, but it can't be the only possible exchange medium or we run into potential manipulation, i.e. an exploitable weakness. This larger system I am describing as a barter system eliminates one of the largest historical exploitable weaknesses; the hording of money. Hording of money was the real reason the western Roman Empire fell, i.e. it was money manipulation by the bankers. This shit has been going on, by the same group of people, for a very long time.
It depends on how much of it is controlled by We The People; same with everything else.
Yes! That sounds like a path forward to me. Fuck the banksters.
Last point is on point.